Bandar Alkhorayef, Saudi’s Minister of Industry and Mineral Resources and Chairman of the Manufacturing Vaccines and Vital Medicines Committee, announced the launch of several investment opportunities in the vaccines and vital medicines industry valued at $3.4 billion (12.75 billion riyals).
This is in line with the Kingdom’s goals of achieving pharmaceutical and health security, as well as turning Saudi into a vital hub for this promising industry.
Alkhorayef emphasized that the targeted pharmaceutical sectors will proceed in stages, beginning with vaccines and life-saving medicines in the first phase, which will focus on localizing insulin, plasma, and vaccine technologies.
With an annual rate of 17 percent, Saudi’s vital pharmaceutical industry has the fastest market growth rate among other pharmaceutical sectors.
According to the minister, the vaccines and vital medicines industry committee will begin by localizing basic children’s vaccines and developing the necessary self-capacity and manufacturing platforms. This will aid in the fight against future pandemics by using insulin to treat diabetes patients and then supporting plasma collection centers with a world-class factory to achieve self-sufficiency in plasma derivatives. Meanwhile, the second phase will concentrate on the localization of immunotherapy and cancer treatments.
The vital sector in Saudi is estimated to be worth more than $2 billion per year, with insulin accounting for nearly $340 million.
